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Jaypee Infratech Ltd Buyout Race Picks Up With Adani, NBCC Bids

Jaypee Infratech Ltd Buyout Race Picks Up With Adani, NBCC Bids

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  22 April 2019 10:37 AM GMT

New Delhi: As the May 6 deadline approaches to resolve the Jaypee Infratech Ltd (JIL) insolvency case, the battle to acquire the debt-laden company has become more intense with NBCC submitting a fresh bid on April 24 and the Adani Group also entering the fray.

According to sources, the Committee of Creditors (CoC) has asked Adani Infrastructure and Developers to submit their bid by April 24 as the committee would finalise the best bid on April 30.

According to sources, after its previous bid scored less than Suraksha, the other bidder, the NBCC board will meet on April 23 and approve a fresh bid before submitting it to the CoC on April 24. In its letter of intent dated April 15, Adani Infrastructure and Developers requested the CoC to allow it to submit its resolution plan by April 27. The company, too, had earlier submitted a failed resolution plan to acquire Jaypee Infratech. “We continue to be interested in participating in the resolution of the corporate debtor and in implementing a turnaround in its business, in the interest of all stakeholders, including homebuyers,” it said. (IANS)

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